Gates giving up CEO job at Microsoft
Microsoft chairman Bill Gates is giving up the CEO job at the software giant he's led for 25 years.
In a surprise announcement Thursday, Gates said he is promoting his long-time friend and No. 2, President Steve Ballmer, to CEO while retaining the chairman title and creating a new position, "chief software architect," for himself.
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Gates said he was changing titles so that he could dedicate more time to developing the next generation of Windows Internet platforms and services.
"I'm returning to what I love most -- focusing on technologies for the future," said Gates.
"Steve's promotion will allow me to dedicate myself full-time to my passion -- building great software and strategizing on the future, and nurturing and collaborating with the core team helping Steve run the company."
The news conference came a day after reports suggested the U.S. Justice Department wants to break up the company to settle its ongoing antitrust case against the software giant.
Gates founded Microsoft-- along with Paul Allen-- in 1975 after dropping out of Harvard University, where he lived down the hall from Ballmer.
He is the world's richest man with a worth of about $90 billion US, depending on the fluctuations of Microsoft stock.
Microsoft had revenues of $14.4 billion for the fiscal year ending June 1998, and employs more than 27,000 people in 60 countries.